A Medical Device Daily

Diagnostic test provider Quest Diagnostics (Lyndhurst, New Jersey) reported that it priced its previously disclosed $800 million in aggregate principal amount of senior notes in a public offering (Medical Device Daily, June 20, 2006).

The notes were sold in two tranches, as follows: $375 million of 6.40% senior notes due 2017 and $425 million of 6.95% senior notes due 2037. The offering is expected to close tomorrow.

The company said it expects the net proceeds of the offering to be used, together with cash on hand, to repay all borrowings under the bridge loan facility incurred to pay a portion of the purchase price and transaction expenses of the previously disclosed $2 billion acquisition of AmeriPath (Palm Beach Gardens, Florida) (Medical Device Daily, April 17, 2007).

Clinical Data (Newton, Massachusetts) reported that it filed a universal shelf registration statement with the Securities and Exchange Commission (SEC). The registration statement covers up to an aggregate of $150 million of common stock, preferred stock, warrants and/or debt securities, or any combination thereof.

The company said that it currently expects that any net proceeds from the sale of the securities to be registered would be used for general corporate purposes.

Clinical Data is a global biotechnology company unlocking the potential of molecular discovery, from targeted science to better healthcare. Its PGxHealth division focuses on genetic test and biomarker development to help predict drug safety and efficacy, thereby reducing health care costs and improving clinical outcomes. Its Cogenics division provides molecular and pharmacogenomics services to both research and regulated environments. Its Vital Diagnostics division offers in vitro diagnostics solutions for the clinical laboratory.

In other financing news: Cord Blood America (Los Angeles), an umbilical cord blood stem cell preservation company, reported that the family of Matthew Schissler, the company's CEO, has loaned it $223,500, through an arrangement involving a third party, to reduce debt.

"Putting money into the company provides it the short term working capital it needs, something that doesn't occur if this discretionary money were spent instead on purchasing stock on the open market," said Schissler. "This investment gives us the opportunity to focus on the long term growth."